Israel open source security platform developer Snyk has raised $70 million led by Accel and with the participation of previous investors GV and Boldstart Ventures. In its previous financing round last September, the company raised $22 million at a company valuation of $100 million, a source told "Techcrunch" at the time.
Snyk has not disclosed the company valuation for this financing round or its revenue but has said that its revenue has grown fourfold over the past year and currently stands at hundreds of millions of dollars.
The company was founded by Guy Podjarny, Assaf Hefetz and Danny Grander - all graduates of the IDF 8200 intelligence unit. In July, Snyk appointed Peter McKay as CEO, an investor who has been involved with Snyk since its inception and an old friend of Podjarny. The company has 170 employees, 60 of them in its Tel Aviv development center. Snyk also has offices in New York and London. The company plans doubling its headquarters staff and hiring new sales and development staff over the next 18 months.
The company has developed a system to detect security breaches and violations of code licenses and corrects them. Snyk protects the full application lifecycle from code to deployed application. The system is based on a data pool of vulnerabilities, strengthened by security experts in Tel Aviv and London.
Asked Why Snyk needed such a large financing round, Podjarny told "Globes," "We see an opportunity and need to reach all these places and provide them the right tools in order to attack a series of problems that are significantly urgent. We don't need the money for day-to-day operations but to speed up growth to more developers and change their development processes, and marketing, and to increase the number of types of security problems that we solve. When a corporation adopts DevOps, it needs to change the way it deals with security problems with one thrust. With international demands and the breadth required by security problems that need a changed approach, we saw that the right thing to do was to raise a large amount.
Published by Globes, Israel business news - en.globes.co.il - on September 10, 2019
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